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EPFO keeps 8.5 per cent interest on EPF deposits for financial year 2020-21

The Employees’ Provident Fund Organisation (EPFO) has more than five crore active subscribers.

By: Express Web Desk | New Delhi |
Updated: March 4, 2021 3:29:55 pm
At 8.5 per cent, the EPF interest rate is at a seven-year low.

The Central Board of Trustees of retirement fund body Employees’ Provident Fund Organisation (EPFO) on Thursday kept the interest rate for the financial year 2020-21 unchanged at 8.5 per cent.

The retirement fund body has more than five crore active subscribers.

The announcement comes following big withdrawals and lesser contributions during the last year following the outbreak of the coronavirus (COVID-19) pandemic.

Speculations were rife that retirement fund body might consider a lower interest rate on provident fund deposits for this financial year 2020-21 from 8.5 per cent in 2019-20, due to the impact of COVID-19 in the Indian economy throughout 2020.

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